As you probably know by now, "The Oscars of Fashion", also known as the Council of Fashion Designers of America (CFDA) Awards, were held last night. What you may not know is that the CFDA ceremony is an extra-special event that the fashion industry's major players spend weeks and weeks obsessing over, only to arrive on awards night and find that no one wants to take their picture unless they happen to serendipitously find themselves next to an Olsen while walking the red carpet. Anyway, last night's awards featured wins and losses that inspired both shock and awe in our little fashion hearts. Our analysis of those in the winner's circle, after the jump. [Spoiler: Things might be over for Marc Jacobs!]

Womenswear Winners: Oscar de la Renta and Proenza Schouler
This award was awkward. Sure, it's cool that the old-guard and new-guard tied for "first place". But, uh, that leaves only one nominee in the category who didn't win: Marc Jacobs. While Jacobs is definitively "middle-guard" — he could have been the Proenza Schouler boys' baby-sitter, and Oscar De la Renta is old enough to be his dad. Also, you're gonna not give the award to the one dude who just got out of rehab (or, er, plastic surgery?) — way to kick a man when he's down (or just waiting to remove his bandages). Is this the beginning of Marc backlash? Is such a thing even possible? Who will the NY Times' Cathy Horyn love on if Marc falls out of fashion???

Menswear Winner: Ralph Lauren
It seemed impossible, frankly, for Ralph Lauren not to win. After all, it would've been really, really, really embarrassing if the lifestyle mogul lost for design the same year he got a lifetime achievement award. Like, even more embarrassing than being the only one of three nominees not to win Womenswear Designer of the Year.

Accessories Winner: Derek Lam
We're happy Derek won, beating out Marc Jacobs and Michael Kors. Jacobs' accessories are, frankly, a little hit or miss. We mean, you either really want to wear a giant red plastic star necklace circa 1984, or you really don't. And Kors' pieces can veer a little mumsy. But Lam's looks are both fresh and fashion-forward and totally wearable. Also, he was once super nice to one of us on the phone once. Sue us!

Swarovski Womenswear Winner: Phillip Lim
While we're happy Derek Lam won for accessories, we're over the moon that Phillip Lim won the Swarovski Womenswear award (Swarovski awards are given to up-and-coming designers). We're a little skeptical, though, of pegging him as an "up-and-comer". Lim's sleek designs and genius cuts are the real deal: He isn't waiting in the wings with looks like those, he's arrived.

Swarovski Menswear Winner: Rag and Bone
Actually, we take it back: Marc Jacobs' loss for Womenswear Designer of the Year wasn't the most awkward event of the evening: The Rag & Bone kids winning the Swarovski award for menswear when they were the only nominees in the category was.

Swarovski Accessories Winner: Loeffler Randall
We were also seriously pulling for a Loeffler Randall win. We have never seen a pair of shoes or a bag designed by Jessie Randall that we haven't wanted. Plus, her stuff has always reminded us what our New England mom might have sported in the 70's... if some of us had moms from New England or were even born in the 70s.